Textbook Notes (369,205)
Canada (162,462)
MGCR 352 (26)
Chapter 1

Chapter 1

4 Pages
87 Views

Department
Management Core
Course Code
MGCR 352
Professor
Neville Sancho

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Description
Marketing Textbook Notes Chapter 1 Marketing: an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in way that benefit the organization and its stakeholders. - seeks to discover the needs and wants of prospective customers - and to satisfy them 4 Factors required for marketing to occur - 2 or more individuals or organizations with unsatisfied needs - a desire and an ability on their part to be satisfied - a way for the parties to communicate - something to exchange market: people with the desire and ability to buy a specific product -- > ultimately all people who markets – everyone! What is marketed – goods, services, and ideas Social marketing is prevelant today – designed to influence the behavior of individuals by which benefits accrue to those individuals or to society in general and not to the marketer. EG antismoking campaigns Who buys and uses what is marketed – both individuals and organizations - Ultimate consumers: people who use the goods and services purchased for a household. - Organizational buyers: units such as manufacturers, retailers or government agencies that buy goods and services for their own use or for resale. Who benefits: 1. consumers who buy a. access to free competition in Canadian society so we can benefit greatly from the best products 2. organizations that sell a. provide good products + effective marketing = doing awesome b. lots of organizations fail that don’t compete effectively 3. society as whole a. enhances competition, improves quality of products and services and lowers their prices It is very important to discover and satisfy consumer needs: - discover the needs of prospective customers o hard b/c most of the time customers don’t even know what they want (ie Apple) o want to prevent product failures obviously  solution: focus on what the customer benefit is – what they need and want  produce what they need and want, and do not product what they don’t need and want  this is way easier said then done. o Should be both needs and wants - Satisfying customer needs o Target market: one or more specific groups of potential consumers toward which an organization directs its marketing program o Look at the marketing mix (four Ps) to identiy the group we are targeting our product – b/c obviously its impossible to target everyone  product  price  promotion  place o these are all controllable factors o uncontrollable, environmental factors also exist:  social  economic  technological  competitive  regulatory forces marketing program: a plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers Discover Satisfy consumer needs consumer needs by finding the right combination of: Product
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